Gold moves in a four wave pattern. The A wave advance rarely takes gold to new highs. That's followed by a B wave decline that rarely makes new lows. The C wave is where gold moves to new highs. Some times it can make huge moves higher as evidenced by the last C wave that took gold over $1000. At the completion of the C wave gold will fall into a D wave decline that serves to correct some part of the previous C wave.
It seems pretty obvious that the D wave decline is over. In fact gold just went through the most powerful A wave advance of the entire 9 year bull market.
Now gold is in the middle of another B wave decline. The question is will the decline drop further and scare investors out or will it chop sideways long enough to wear investors out.
I don't know the answer to that one. What I do know is that once the C wave advance starts I want to be on board. The year long consolidation from the Mar. peak is suggesting that the next C wave is going to be a monster.